CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (79/2024 Disciplinary Board) (94/2024 Authority) and imposition of a fine against: United Projects for Aviation Services Company for violating the Listing Rules.

Announcement regarding issuance of Disciplinary Board Resolution No. (79/2024 Disciplinary Board) (94/2024 Authority) and imposition of a fine against: United Projects for Aviation Services Company for violating the Listing Rules.

For the following reasons:
Violating the provisions of Article (1-14) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company failed to record the impairment losses in its full investment value for an associate company (in the United Arab Emirates) in its periodical financial statements for the financial period ending on 31/03/2024and 30/06/2024 which is in violation of the International Financial Reporting Standards No. (28) (Investments in Associates and Joint Ventures).

The Resolution included the infliction of the following penalty: -
“Levying a fine on United Projects for Aviation Services Company in an amount of KWD 10,000 (three thousand Dinars) for the attributed violation.”

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these Laws in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.